Brick Four-Unit
For Sale
$525,000
Pending
2540 Neil Avenue, Columbus, OH 43202
Townhouse-style apartments provide a consistent two-bedroom layout in Columbus’s Old North neighborhood.
Property Size3,920 SF
Days on Market207
Property Features for 2540 Neil Avenue
General Information
Standard status
Pending
Size
3,920 SF
Property subtype
Multi-Family / Townhouse
Net Operating Income
$36,490
Taxes and HOA fees
Annual Taxes
$8,439
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1900
Listing Agency:
Keller Williams Capital Ptnrs
(614) 431-1220
Listed By:
Joseph C Jackson · License #2014000204
(614) 431-1220
Source:
Compass
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 30 at 3:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
This 3,920-square-foot brick quadplex, built in 1900, contains four two-bedroom townhouse-style apartments. Two units have central air, while the two interior units use older furnaces. The property also features forced-air and gas heating, with water and sewer paid by the owner and electricity paid by tenants.
The building is located at 2540 Neil Avenue in Columbus’s Old North area, within walking distance of cafes, neighborhood shopping, bus service, and a bike path. Its established four-unit configuration offers a clearly defined multifamily layout in a built-up residential setting.
The building is located at 2540 Neil Avenue in Columbus’s Old North area, within walking distance of cafes, neighborhood shopping, bus service, and a bike path. Its established four-unit configuration offers a clearly defined multifamily layout in a built-up residential setting.
Key Highlights
- Four two‑bedroom townhouse‑style apartments
- 3,920 square feet across a four‑unit configuration
- Brick construction with a 1900 build year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,379
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$667,580
$667.6K
Cap Rate 7%
$476,843
$476.8K
Cap Rate 9%
$370,878
$370.9K
Market Conditions
NOI Build-Up for 3,920 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.3K $13.08/SF
− Vacancy
−$3.6K −$0.92/SF
EGI
$47.7K $12.16/SF
− OpEx
−$14.3K −$3.65/SF
NOI
$33.4K $8.52/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$667,580
Cap Rate 7%
$476,843
Cap Rate 9%
$370,878
Alternative Uses
Best Use
Multifamily LT 5
$476.8K
$417.2K – $556.3K
NOI $33,379 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$383.6K
$335.6K – $447.5K
NOI $26,851 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$816.9K
$714.8K – $953.1K
NOI $57,186 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
Explore this area
Business Placement
Demographics for 43202, OH
20,427
Population
10,055
Households
2
Avg Household Size
29
Median Age
62%
College-Educated
95%
High-School Grad
2.5 sq mi
ZIP Area
8,171
Density / Sq Mi
$65,689
Median Household Income
$36,412
Median Earnings
$1,170
Median Rent
$317,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Townhouse-style apartments provide a consistent two-bedroom layout in Columbus’s Old North neighborhood.
Where is this quadplex located?
The property is located at 2540 Neil Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four two‑bedroom townhouse‑style apartments; 3,920 square feet across a four‑unit configuration; Brick construction with a 1900 build year
